He himself came from a patricianfamily that lost much of its wealth after the Panic of 1873(after a measure of wealth returned, his mother transferred him to PrincetonUniversity to complete his education). Today, he is best known for his novel The Magnificent Ambersons which Orson Wellesfilmed in 1942.

The second volume in Tarkington’s Growth trilogy, it contrasted the decline of the “old money” Amberson dynasty against the rise of “new money” industrial tycoons in the years between the Civil Warand World War I.

Panic of 1873

The Panic of 1873 was the start of the Long Depression, a severe nationwide economic depression in the United States that lasted until 1879. It was precipitated by the bankruptcy of thePhiladelphia banking firm Jay Cooke & Company on September 18, 1873…